NSAC Happenings and Latest News - Page 31
Small Business CFOs Must Build Ethical Awareness
Whether you work for a large public company or a smaller private one, the pressure to deliver results can be intense. Wall Street expects growth, the board of directors expects annual plans to be achieved, and owners expect a return on their investment, especially those who have put their life savings on the line. After nearly two years of COVID-19-driven economic turmoil, many companies, especially small- and medium-sized ...
Read MoreMeal Portion of Per Diem Allowance Can Be Treated as Attributed to a Restaurant
The 100% deduction allowable as a business expense in 2021 and 2022 for food or beverages provided by a restaurant applies to the meal portion of a per diem rate or allowance, the IRS clarified Tuesday in Notice 2021-63. Under Sec. 274(n)(1) and Regs. Sec. 1.274-12, a deduction of any expense for food or beverages generally is limited to 50% of the amount otherwise deductible (i.e., as an ordinary and necessary business expense that is not ...
Read MoreNew FASB Standard Requires Businesses to Disclose Government Aid
A FASB standard issued will require businesses to disclose information in the notes to the financial statements about certain government assistance they receive. Previously, GAAP contained no specific, authoritative guidance for business entities on accounting for or disclosing government assistance they receive. The types of assistance the new standard requires to be disclosed include cash grants and grants of other assets. The ...
Read MoreFASB Declines to Extend Nonpublic Lease Accounting Effective Date
Private companies and not-for-profits will not see further relief from the effective date of FASB's new lease accounting standard after the board voted unanimously Wednesday to reject a request for a two-year extension that was submitted by the Pennsylvania Institute of CPAs (PICPA). The current effective date for nonpublic entities is for fiscal years beginning after Dec. 15, 2021, and interim periods within fiscal years beginning after Dec.
Read More5 Steps to Prevent Fraud
While no one wants to believe fraud is occurring at their organization or nonprofit, unfortunately, it can and does happen. Typically, fraud is a crime of opportunity, which means that putting preventative fraud measures in place can help you reduce fraud before it starts. Here are five steps you can put in place no matter what size your organization is to decrease your risk of fraud. Remember, when you have formal reporting mechanisms in ...
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